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Glad to see Noah highlighting this all-too-relevant work by the late Alberto Alesina 1/ bloomberg.com/opinion/articl…
The Alesina/Glaeser/Sacerdote paper on why America doesn't have a European-style welfare state — racism — had a big impact on my own thinking 2/ scholar.harvard.edu/files/glaeser/…
For a long time anyone who pointed out that the modern GOP is basically a party that serves plutocratic ends by weaponizing white racism was treated as "shrill" and partisan. Can we now admit the obvious? 3/
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Paul Krugman
@paulkrugman
Things are getting worse more slowly. I don't know why economists were surprised. I though it was clear from a number of indicators that the decline has pretty much leveled off 1/ cnbc.com/2020/06/03/adp…
New York Fed weekly economic indicator 2/
THIS DOES NOT MEAN THAT WE'RE OUT OF THE WOODS. True unemployment probably near 25% 3/ sites.google.com/view/covid-rps/
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Paul Krugman
@paulkrugman
Eurostat data on unemployment are out. It's now official: the US unemployment surge is unique 1/ ec.europa.eu/eurostat/docum…
Also, the Swedish approach of accepting more deaths to keep the economy humming — which a lot of Wall Street types are urging us to adopt — is succeeding on the death side 2/ bloomberg.com/news/articles/…
But in economic terms, not so much 3/
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Paul Krugman
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As I've been saying, the CARES Act did a lot to alleviate the economic hit from Covid-19. 1/ nytimes.com/2020/05/31/bus…
I keep seeing some people on the left describing it as just a bailout for corporations. There was some of that, but huge relief for people who really needed it. So far this month, $90 billion in unemployment benefits compared with $2 billion in same period last year 2/
The big problem is that extraordinary aid all goes away in just 2 months. There is no chance that more than a small fraction of the loss in wages will be made up by then. So we're facing an economic and human disaster unless Republicans allow another package 3/
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